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Zero Taxes?
Old 04-06-2007, 06:38 AM   #1
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Join Date: Sep 2004
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Hypothetical: Self-employed, No employees. Annual earned business income 22k. Business expenses = 10k ; Simple IRA max contribution =11k. After accounting for self employment tax , one personal exemption and real estate tax deduction on personal residence, taxes on the 22k should be close to zero.......is this thought process correct or am I missing something?
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